DASH CDO Class Downgraded

Class B-1 of Diversified Asset Securitization Holdings II LP has been downgraded from B/DR4 to CCC/DR4 by Fitch Ratings.The ratings on three other classes in the deal were affirmed. Fitch said DASH II is a collateralized debt obligation that was originated and managed by Asset Allocation & Management LLC, but that Western Asset Management Co. became the substitute asset manager for AAMCO in October 2002. The portfolio backing the CDO consists of residential and commercial mortgage-backed securities, asset-backed securities, and other CDOs.

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